Global Information Inc. would like to present a new market research report, "Surgical Equipment Market to 2018 - Increased Access to Ambulatory Surgical Centers to Drive Outpatient Surgery Volumes" by GBI Research.
The global market for surgical equipment is forecast to exceed $7 billion by 2018 with a Compound Annual Growth Rate (CAGR) of 4.2% from 2011 to 2018. The market is expected to be driven by increased healthcare expenditure in emerging countries, improved healthcare infrastructure, an increase in the number of surgical procedures and a growing patient pool. Growing demand for plastic surgery and minimally invasive surgery, as well as an increase in the number of outpatient surgeries will drive the market growth.
Popularity of Minimally Invasive Surgical Procedures is Increasing across the World
The healthcare sector is witnessing a growing demand for Minimally Invasive Surgeries (MIS). Minimally invasive surgical techniques have been applied to most surgical specialties, such as neurology, cosmetic, cardiothoracic, ophthalmology, orthopedic, urology, vascular and dentistry. The advantages offered by MIS have resulted in an increase in the number of surgical procedures. MIS offer several benefits such as reduced post-operative pain, superior cosmetic results, faster recovery, reduced risk of infection, less bleeding, improved accuracy and visualization, and are cost-effective.
The introduction of new instruments and technologies has led to the growing popularity of MIS. Innovative laparoscopic instruments such as single umbilical ports, bendable grasping instruments and flexible-tip cameras have led to the development of single-port laparoscopic surgery. Other advanced technologies such as robotic assistance, single-incision laparoscopic surgery, video-assisted thoracoscopic and natural orifice transluminal endoscopic surgery have contributed to the expansion of MIS procedures in new specialties. The continued expansion of MIS has lead to a growing demand for advanced instruments such as laparoscopes, trocar/cannula systems, electrosurgical devices, and staples and sutures. During MIS, electrosurgical units are the most commonly used hemostatic devices as they are versatile and cost-effective.
This growing demand for surgical equipment is driving the overall growth of the surgical equipment market.
Increase in the Number of Surgical Procedures to Drive the Demand for Surgical Equipment
Globally, there is a significant increase in the number of surgical procedures performed every year and this is driving the growth of the surgical equipment market.
According to the Centre for Disease Control (CDC), approximately 48 million surgical procedures are performed in the US each year. This increase in surgical procedure volumes has resulted in growing demand for surgical equipment such as surgical sutures, electrosurgical devices and hand instruments. Surgical equipment is required during all surgical procedures, including general surgery and specialized surgeries. It is estimated that the demand for surgeries will increase in the future, partly due to an increasing amount of new surgical procedures.
There are many contributing factors for this increase in the number of surgical procedures such as an increase in the prevalence of diseases across the world, including vascular disorders, dental problems, ophthalmic diseases, obesity, cancer, cardiovascular diseases, and kidney disorders. A growing focus on aesthetics is fueling the demand for cosmetic surgery.
Along with a rise in the number of inpatient surgeries there is also an increase in outpatient surgeries. A growth in the number of Ambulatory Surgical Centers (ASCs) is also driving the demand for surgical equipment. The number of Medicare-certified ASCs grew by an average annual rate of 4.6% between 2005 and 2009 (Medpac, 2012). The number of ASCs in the US increased from 239 in 1983 to over 3,300 nearly two decades later (Russo et.al, 2007).
With increasing numbers of ASCs the number of surgeries also increased, which will drive the demand for surgical equipment leading to growth in this market.
Increase in Outpatient Surgery is a Major Growth Driver for the Surgical Equipment Market
Increased adoption of outpatient surgical procedures has resulted in growing demand for surgical equipment. Various factors have contributed to the growing popularity of outpatient surgery, such as advances in medical technology, the cost-effectiveness of outpatient surgery and the fast turnaround time of these surgeries compared to inpatient surgery.
The introduction of various advanced technologies, such as new surgical techniques, devices, and pharmaceuticals such as anesthesia, have changed the care pattern for surgeries in two important ways - firstly, new and emerging technologies have resulted in a shift from inpatient care to ambulatory care, and secondly, technological advances have created new patterns and markets of care. The use of laparoscopes has resulted in a shift to outpatient settings for surgeries such as hernia repair, and gallbladder and appendix removal. Consequently, with advances in surgical tools and technologies, the surgeries that earlier required wide incisions are now minimally invasive and less costly, and also require less time to carry out, allowing outpatient surgeries.
Surgeries that reflect changing patterns of care from an inpatient setting to an outpatient setting due to technological advances include: minimally invasive cardio surgery, neurosurgery, orthopedic surgery, plastic surgery and ophthalmology. In recent years, laser vision correction has commonly been carried out as outpatient surgery. Other examples of outpatient surgeries include: colonoscopies and gastroscopies; cataract extraction; cystoscopies; minor gynecological procedures such as hysterectomies and LLETZ procedures; and minor general surgeries such as removal of lesions, appendectomies, cholecystectomies, hernia repair, bariatric surgery, tonsillectomies, adenoidectomies, mastectomies and transurethral prostatectomies.
The outpatient surgeries and ASCs have resulted in an improved accessibility resulting in an increased number of surgeries. In the US, around 58% of the surgeries performed in hospitals were done as outpatient procedures (AHRQ, 2010). With an increase in the number of ACSs, the number of outpatient surgeries will increase. According to the CDC, outpatient surgery visits increased from 20.8 million visits in 1996 to 34.7 million in 2006. The leading causes for ambulatory surgery visits were cataracts (3 million), benign tumors (2 million), and malignant tumors (1.2 million).
The operations performed in ASCs will result in an increased demand for surgical equipment, such as electrosurgical devices as well as disposable surgical equipment, thereby driving the growth of the overall surgical equipment market.
It is expected that outpatient surgery will continue to gain popularity in emerging countries. The emerging countries such as India and China hold huge potential for growth in the surgical equipment market in the future. Factors such as increased awareness, improved healthcare facilities, increased healthcare expenditure and a large patient population will drive the demand for outpatient surgery.
Various advantages of outpatient surgery such as accessibility, affordability and patient comfort will drive the demand for such procedures in developing countries. Outpatient surgery allows patients to avoid the problems connected with hospitalization. They are also found to be more cost-effective compared with inpatient surgeries, as they eliminate hospitalization costs such as that of the room and bed. Other expenses, such as operation theatre charges, medicine costs and travelling costs are minimized. The demand for hospital staff and rooms is also reduced by outpatient surgeries. These advantages are expected to increase the popularity of outpatient surgery in developing countries.